Holidays are definitely the time for giving and spending. And for many, holidays are also a season for taking on too much debt. It doesn't need to be that way if you develop a game plan ahead of time.
Start by setting a holiday spending target. Staying under target will help relieve the stress of being broke after the holidays. Here are some ideas to use:
- Make a budget — know how much you want to spend.
- Have family conversations about limiting gifts or cost.
- Limit the credit card use — they make it easy to spend more than planned.
- Make sure online shopping sites are legitimate — don’t just click on items in social media.
- Mail delivery may be delayed, that’s why consumers are being urged to shop early.
- Retailers may have limited stock/supply lines through mid-2021.
- Watch for sales and coupons for planned purchases.
- Free shopping apps help find latest deals.
- Buy early when you see items on sale if your spending plan allows.
- Homemade gifts are personal without breaking the budget.
- Give a family/group gift to save money.
- Give gift cards for retailers the receiver frequents.
- Concentrate gifts on children rather than adults if you need to make spending cuts.
- Use PowerPay from Utah State University Extension to pay down holiday debt.